REGISTERED NUMBER: 12167825 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2024

for

METASONIXX LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Memoli

REGISTERED OFFICE:

3rd Floor

Suite 207

Regent Street

London

W1B 3HH

REGISTERED NUMBER:

12167825 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Intangible assets

4

67,572

30,566

CURRENT ASSETS

Stocks

13,692

-

Debtors

5

40,652

25,111

Cash at bank

157

87

54,501

25,198

CREDITORS

Amounts falling due within one year

6

(106,154

)

(59,651

)

NET CURRENT LIABILITIES

(51,653

)

(34,453

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,919

(3,887

)

CREDITORS

Amounts falling due after more than one year

7

(83,011

)

-

NET LIABILITIES

(67,092

)

(3,887

)

CAPITAL AND RESERVES

Called up share capital

9

168,740

120,100

Share premium

1,659

1,659

Retained earnings

(237,491

)

(125,646

)

SHAREHOLDERS' FUNDS

(67,092

)

(3,887

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 April 2025 and were signed by:

G Memoli - Director

1.	STATUTORY INFORMATION

Metasonixx Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover from the provision of engineering research and design services is recognised as contract activity progresses.

Grant income is recognised at the point where the company becomes eligible to receive the funding as per the UKRI finance agreement.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

During the year ended 31 August 2024, the company received convertible loans to be converted to equity at a later rate at an agreed price per share. These loans have a fixed rate of interest until the pre-agreed date of conversion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The director has agreed to support the company as necessary in the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Patents and

licences

£

COST

At 1 September 2023

30,566

Additions

44,514

At 31 August 2024

75,080

AMORTISATION

Amortisation for year

7,508

At 31 August 2024

7,508

NET BOOK VALUE

At 31 August 2024

67,572

At 31 August 2023

30,566

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

22,318

2,400

Other debtors

18,334

22,711

40,652

25,111

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

3

Trade creditors

33,412

44,511

Taxation and social security

5,386

2,521

Other creditors

67,356

12,616

106,154

59,651

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

83,011

-

8.	SECURED DEBTS

Mitsubishi Hc Capital UK PLC hold a fixed charge and a floating charge covering all the property or undertaking of the company.

9.	CALLED UP SHARE CAPITAL

Number:

Class:

Nominal

2024

2023

Value:

£

£

9,270

Ordinary

£0.01

93

93

730

Non founder company shares

£0.01

7

7

505

Ordinary £40

£40.00

20,200

20,200

1,115

Ordinary £76

£76.00

84,740

84,740

120

Ordinary £125

£125.50

15,060

15,060

320

Ordinary £150

£152

48,640

-

168,740

120,100

------------

------------

320 Ordinary £150 shares of £152 each were allotted and fully paid for cash at par during the period.

10.	SHARE-BASED PAYMENT TRANSACTIONS

Metasonixx Limited has four unapproved share option schemes currently in operation.

The first scheme was introduced on 30th November 2021 and as at 31 August 2024, two employees were granted options over 48 Ordinary £76 shares. Neither of the employees joined the scheme during this financial period.

The second scheme was introduced on 17 May 2023 and as at 31 August 2024, four employees were granted options over 152 Ordinary £125 shares. None of the employees joined the scheme during this financial period.

The third scheme was introduced on 9th April 2024 and as at 31 August 2024, three employees were granted options over 70 Ordinary £150 shares. All of these employees joined the scheme during this financial period.

The fourth scheme was introduced on 4th June 2024 and as at 31 August 2024, one employee was granted options over 1 Ordinary £150 share. This employees joined the scheme during this financial period.

The options were exercisable if the agreed conditions were met and as at 31 August 2024, none of the options had been exercised.

There in no charge to the profit and loss account in the year as the options were not exercised during this period and the conditions for exercise not expected to be fulfilled in the foreseeable future. A full fair value valuation using the Black-Scholes pricing method is not considered justifiable and therefore no adjustment has been made to the financial statements to reflect these share options.